Bengaluru-based insurtech startup Digit Insurance has raised INR 120.8 Cr in a fresh round of funding from more than 50 investors. As per the fillings accessed by Inc42, Digit Insurance will be allocating a total of 38,47,427 equity shares at an issue price of INR 314. The fresh round was led by TVS Growth Fund which were allotted 17,83,440 shares. RS Filmcraft (OPC) Private Limited was allotted the second highest number of shares 1,59,236
The investment comes on the heels of Digit Insurance raising $200 Mn from Sequoia Capital India, IIFL Alternate Asset Managers, Faering Capital and others. The investment almost doubled Digit Insurance’s valuation to $3.5 Bn from $1.9 Bn it was in January this year. However, the startup has yet to share the transaction details of $200 Mn funding with the ministry of corporate affairs. Digit Insurance was the first startup to have entered the coveted unicorn club this year after it raised INR 135 Cr from existing investors at a valuation of $1.9 Bn.
Digit Insurance raised its first external round worth $84 Mn from Faering Capital, TVS Capital and A91 Partners at valuation of $870 Mn in January last year. Prior to this, the startup relied on internal capital infusion from founder Kamesh Goyal and Fairfax Holdings. Founded in October 2017 Digit Insurance offers customised policies on health, auto, travel, smartphones, commercial properties such as stores and holiday homes. During the first wave of covid, the startup started offering health insurance for COVID19 under its Digit Group Illness Insurance product. The illness insurance product also covers malaria, zika virus, chikunguniya, dengue, filaris and others.
“The pandemic and repeated natural calamities have drawn people’s attention towards the importance of insurance. We have covered more than 36 Lakh lives over 32,000+ corporates under corporate health insurance alone. Digit will continue enriching the portfolio focusing on providing people-benefitting products,” Digit Insurance founder and chairman Kamesh Goyal said. The startup claims that it has over 2 Cr customers and processed more than 4 lakh claims in FY 21. The development was first reported by Entrackr